Question: Iverson Company had the following assets and liabilities on the

Iverson Company had the following assets and liabilities on the dates indicated.


Iverson began business on January 1, 2013, with an investment of $100,000.

Instructions
From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Iverson’s drawings were $15,000 for the year.
(b) 2014, assuming Iverson made an additional investment of $45,000 and had no drawings in 2014.
(c) 2015, assuming Iverson made an additional investment of $15,000 and had drawings of $25,000 in2015.


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  • CreatedJanuary 30, 2014
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